Institute of Commercial Management | Qualification Subject

Quantitative Methods For Managers

ICM Professional Diploma Unit

Data Presentation and Collection

  • Frequency distribution
  • Frequency tables
  • Discrete or continuous data
  • Histograms
  • Frequency polygon
  • Frequency curve
  • Cumulative frequency curves
  • Bar charts and pie charts
  • Lorenz curve

Central Location and Dispersion

  • Notation
  • Measures of central location
  • Normal and skewed distribution
  • Measures of dispersion
  • Coefficient of variation

Regression and Correlation

  • Regression analysis
  • Correlation
  • Spearman’s coefficient of rank correlation
  • Multiple regression

Time Series and Forecasting

  • Time series analysis
  • Moving average
  • Finding the trend
  • Finding and eliminating the seasonal variation
  • Forecasting: time series
  • Forecasting: exponential smoothing


  • Probability calculations
  • Mutually exclusive events: OR rule
  • Venn diagrams: events not mutually exclusive
  • Independent events: AND rule
  • Conditional probability
  • Decision trees
  • Expected value
  • Permutations and combinations

Probability Distributions

  • Normal distribution
  • Standard normal distribution
  • Binomial distribution
  • Poisson distribution

Sampling and Tests of Hypotheses

  • Types of sample
  • Distribution of sample means
  • Central limit theorem
  • Confidence intervals
  • Tests of hypotheses: principles
  • Tests of hypotheses: practice
  • Student distribution

Index Numbers

  • Constructing an index number
  • Weighted aggregate index numbers
  • The Laspeyres (base-weighted) price index
  • The Paasche (current-weighted) price index
  • The Laspeyres (base-weighted) quantity index
  • The Paasche (current-weighted) quantity index
  • Changing the base year
  • Price and quantity relative index numbers
  • The Retail Price Index (RPI)

Time Value of Money

  • Simple and compound interest
  • Discounting and present value
  • Investment appraisal
  • Depreciation
  • Annuities and other financial instruments

Linear Programming and Break-Even Analysis

  • Linear programming
  • Solving the linear programme: maximisation
  • Solving the linear programme: minimisation
  • Break-even analysis

Calculus and Business Applications

  • Differentiation
  • Turning points
  • Rules for differentiation
  • Applications of differentiation
  • Partial differentiation
  • Integration

Basic Mathematics

  • Whole numbers, fractions and decimals
  • Rounding-off
  • Percentages and ratio
  • Powers and roots
  • Simple algebra
  • Solving equations
  • Simultaneous equations
  • Inequalities
  • Graphs and functions
  • Progressions

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

Quantitative Methods for Business & Economics, Second Edition – Glyn Burton, George Carrol, & Stuart Wall (Financial Times-Prentice Hall, ISBN 0-273-65570-1)

Indicative Text:

Alternative Text and Further Reading:

Statistics for Marketing & Business – R Galloway (Stanley Thomas)

A First Course in Statistics – D Booth (DP Publications)